November Home Sales Update

Sales of single-family homes in Maine increased by double digits in November 2017 versus November 2016. Sales were up 11.5% for the month.

The median sales price (MSP) for those homes rose 4.4% to $200,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Statewide, year-to-date sales continued the 2017 trend of exceeding last year, although by the slightest of margins. Through November, the number of home sales statewide in 2017 has exceeded last year, which was an all-time-record, by 0.6%.

The National Association of Realtors reported a 3.2% national increase in sales of single-family homes across the country. The national MSP rose 5.4% to $248,800. Regionally, sales in the Northeast were up 6.7% and the regional MSP rose 4.0% to $273,600.

Cumberland and York Counties still lag behind 2016, albeit the amounts have decreased in recent months. Home sale in Cumberland County are down 4.7% while sales in York County are down less than 1%. Selling prices in both counties are up significantly and are higheer than the statewide results.

It is important to note, however, in any given month the mix of homes sold has a great impact on the median selling price – and YTD comparisons provide a more realistic of actual market strength.

On our website, MHC.com, we update sales results each month – and reports are available for download. Additionally, you can also search for sold properties for the last three years … which can be very helpful if you are thinking of selling soon – or better yet give us a call and we can discuss the market in more detail and how it could impact your decision.

About The Author

Michael, along with his wife Laura, is co-owner of Maine Home Connection, an independent real estate company located in Portland. Maine. Together they started the brokerage from scratch with a new vision of what a company could look like if it focused completely on the needs of our clients and our agents,